IRIS Accounts Production v24.1.0.578 02623200 Board of Directors 1.1.23 31.12.23 31.12.23 16.4.24 false true false false false true false Auditors Opinion Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh026232002022-12-31026232002023-12-31026232002023-01-012023-12-31026232002021-12-31026232002022-01-012022-12-31026232002022-12-3102623200ns15:EnglandWales2023-01-012023-12-3102623200ns14:PoundSterling2023-01-012023-12-3102623200ns10:Director12023-01-012023-12-3102623200ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102623200ns10:SmallEntities2023-01-012023-12-3102623200ns10:Audited2023-01-012023-12-3102623200ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102623200ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102623200ns10:FullAccounts2023-01-012023-12-310262320012023-01-012023-12-3102623200ns10:OrdinaryShareClass12023-01-012023-12-3102623200ns10:OrdinaryShareClass22023-01-012023-12-3102623200ns10:Director22023-01-012023-12-3102623200ns10:Director42023-01-012023-12-3102623200ns10:CompanySecretary12023-01-012023-12-3102623200ns10:RegisteredOffice2023-01-012023-12-3102623200ns5:CurrentFinancialInstruments2023-12-3102623200ns5:CurrentFinancialInstruments2022-12-3102623200ns5:ShareCapital2023-12-3102623200ns5:ShareCapital2022-12-3102623200ns5:RetainedEarningsAccumulatedLosses2023-12-3102623200ns5:RetainedEarningsAccumulatedLosses2022-12-3102623200ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3102623200ns5:ComputerSoftware2022-12-3102623200ns5:ComputerSoftware2023-01-012023-12-3102623200ns5:ComputerSoftware2023-12-3102623200ns5:ComputerSoftware2022-12-3102623200ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3102623200ns5:PlantMachinery2022-12-3102623200ns5:FurnitureFittings2022-12-3102623200ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3102623200ns5:PlantMachinery2023-01-012023-12-3102623200ns5:FurnitureFittings2023-01-012023-12-3102623200ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3102623200ns5:PlantMachinery2023-12-3102623200ns5:FurnitureFittings2023-12-3102623200ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3102623200ns5:PlantMachinery2022-12-3102623200ns5:FurnitureFittings2022-12-3102623200ns5:MotorVehicles2022-12-3102623200ns5:ComputerEquipment2022-12-3102623200ns5:MotorVehicles2023-01-012023-12-3102623200ns5:ComputerEquipment2023-01-012023-12-3102623200ns5:MotorVehicles2023-12-3102623200ns5:ComputerEquipment2023-12-3102623200ns5:MotorVehicles2022-12-3102623200ns5:ComputerEquipment2022-12-3102623200ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3102623200ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3102623200ns5:WithinOneYear2023-12-3102623200ns5:WithinOneYear2022-12-3102623200ns5:BetweenOneFiveYears2023-12-3102623200ns5:BetweenOneFiveYears2022-12-3102623200ns5:MoreThanFiveYears2023-12-3102623200ns5:MoreThanFiveYears2022-12-3102623200ns5:AllPeriods2023-12-3102623200ns5:AllPeriods2022-12-3102623200ns10:OrdinaryShareClass12023-12-3102623200ns10:OrdinaryShareClass22023-12-31
REGISTERED NUMBER: 02623200 (England and Wales)















CREASEY CASTINGS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CREASEY CASTINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R J Creasey
Mr S T Creasey
Mr J W Townsend



SECRETARY: Mr R J Creasey



REGISTERED OFFICE: Unit 6
Eurolink Way
SITTINGBOURNE
Kent
ME10 3RN



REGISTERED NUMBER: 02623200 (England and Wales)



SENIOR STATUTORY AUDITOR: Clair Rayner FCA DChA



AUDITORS: McCabe Ford Williams
Statutory Auditors and Chartered Accountants
Building 1063
Cornforth Drive
Kent Science Park
SITTINGBOURNE
Kent
ME9 8PX

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 2,100 3,000
Tangible assets 6 320,871 373,184
322,971 376,184

CURRENT ASSETS
Stocks 181,567 144,213
Debtors 7 1,153,558 1,262,122
Cash at bank and in hand 1,590,990 1,291,761
2,926,115 2,698,096
CREDITORS
Amounts falling due within one year 8 474,121 528,568
NET CURRENT ASSETS 2,451,994 2,169,528
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,774,965

2,545,712

PROVISIONS FOR LIABILITIES (54,993 ) (47,512 )

ACCRUALS AND DEFERRED INCOME (41,667 ) (48,333 )
NET ASSETS 2,678,305 2,449,867

CAPITAL AND RESERVES
Called up share capital 10 300 300
Retained earnings 2,678,005 2,449,567
SHAREHOLDERS' FUNDS 2,678,305 2,449,867

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by:




Mr R J Creasey - Director


CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Creasey Castings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered 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 to which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The material estimates in the accounts relate to the valuation of finished goods for which an accounting policy has been adopted to value such items at 25%. In addition, depreciation of fixed assets is a significant estimation within the accounts which has been calculated in accordance with the disclosed accounting policies.

Turnover
Turnover represents revenue earned for goods provided to customers. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, but excluding Value Added Tax. For incomplete contracts, an assessment is made of the extent to which revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and relevant contract terms. Unbilled revenue is included in debtors and revenue billed in advance is included in creditors under 'accruals and deferred income'.

Intangible assets
Amortisation is provided at the following annual rates in order to write off the asset over its estimated useful life

Computer Software- 20% straight line

Capital items of £1,000 or more will be capitalised.

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the asset over its estimated useful life

Short leasehold property- over remaining term of lease
Plant and machinery- 25% on reducing balance
Office equipment- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Fixtures and fittings- 25% on reducing balance


Capital items of £1,000 or more will be capitalised.

Stocks
Raw materials stocks are valued at the lower of cost and net realisable value, using the FIFO method, after making due allowance for obsolete and slow moving items.
Stocks of castings made in anticipation of future orders are valued at 25% of selling price after allowance for obsolete items.

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors and amounts owed by group undertakings are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, 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 financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.


CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Functional currency and presentation currency
The company's functional currency is British Pound Sterling (GBP), which is also the presentation currency for the company. The financial statements are therefore presented in British Pound Sterling.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2022 - 55 ) .

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023
and 31 December 2023 4,500
AMORTISATION
At 1 January 2023 1,500
Amortisation for year 900
At 31 December 2023 2,400
NET BOOK VALUE
At 31 December 2023 2,100
At 31 December 2022 3,000

6. TANGIBLE FIXED ASSETS
Short
leasehold Plant and Office
property machinery equipment
£    £    £   
COST
At 1 January 2023 181,225 721,940 7,576
Additions - 42,272 -
Disposals - (17,125 ) -
At 31 December 2023 181,225 747,087 7,576
DEPRECIATION
At 1 January 2023 76,329 463,723 5,161
Charge for year 12,176 70,143 604
Eliminated on disposal - (10,699 ) -
At 31 December 2023 88,505 523,167 5,765
NET BOOK VALUE
At 31 December 2023 92,720 223,920 1,811
At 31 December 2022 104,896 258,217 2,415

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. TANGIBLE FIXED ASSETS - continued

Fixtures
Motor and
vehicles fittings Totals
£    £    £   
COST
At 1 January 2023 16,000 14,133 940,874
Additions - - 42,272
Disposals (16,000 ) - (33,125 )
At 31 December 2023 - 14,133 950,021
DEPRECIATION
At 1 January 2023 11,571 10,906 567,690
Charge for year 277 807 84,007
Eliminated on disposal (11,848 ) - (22,547 )
At 31 December 2023 - 11,713 629,150
NET BOOK VALUE
At 31 December 2023 - 2,420 320,871
At 31 December 2022 4,429 3,227 373,184

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 937,164 967,625
Amounts owed by participating interests 41,680 91,488
Other debtors 2,001 23,229
Accrued income 54,468 119,811
Prepayments 118,245 59,969
1,153,558 1,262,122

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 142,862 153,261
Amounts owed to participating interests 11,526 10,616
Other creditors 25,726 120,764
Other taxes and PAYE 253,492 175,901
Accrued expenses 40,515 68,026
474,121 528,568

CREASEY CASTINGS LIMITED (REGISTERED NUMBER: 02623200)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 158,749 161,779
Between one and five years 577,880 596,652
In more than five years 424,929 564,905
1,161,558 1,323,336

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
150 Ordinary A 1 150 150
150 Ordinary B 1 150 150
300 300

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Clair Rayner FCA DChA (Senior Statutory Auditor)
for and on behalf of McCabe Ford Williams

12. CONTINGENT LIABILITIES

During 2022 chemicals were inadvertently disposed of incorrectly into the surface water drain. Working in conjunction with the environment agency the issue was rectified upon discovery. A claim has been made from a neighbouring business concerning the costs that they incurred to rectify this issue. Both parties are in the process of negotiating a settlement concerning this matter. It is not expected to result in a material out flow of economic benefit but the amount can not currently be reliably estimated.